Pakistan to Trade with Iran in Euros, not Dollars

IRNA reports that Pakistani businessmen will open letters of credit (LCs) for imports from Iran in euros instead of dollars, as some US sanctions are still in place that could obstruct payments to Tehran.

The State Bank of Pakistan (SBP) said it was not possible at this stage to open LCs in dollars in trade with Iran.

It added that there would be no problem with euros, as any intermediary bank in the EU could clear the LCs.